Each student should choose a company and create a new product or service for the company chosen. The new product or service must be consistent with the company’s current offerings. An example of an inconsistent product offering would be if Chrysler (an automotive company) began to sell chocolate. The final project should consist of the following items:
1. Executive Summary
This section should focus on providing a concise overview of your new product or service and how the company will benefit by offering this new product or service.
2. Company and Product/Service Description
This section should consist of an overview of the company you have selected. What is the company’s current focus? In what industry does the company currently compete? What product/service do you think the company should introduce? How does this product/service fit in with the company’s current product/service offerings?
3. Strategic Focus
Think about the core benefits of your new product or service. Focus on how your new product or service meets consumer’s wants and needs.
4. Situation Analysis (think of factors affecting both your company as a whole and the new product/service).
What are the (internal and external) environmental factors to think about? For example,
1) the potential investment required to introduce your product or service
2) the competition for the new product or service.
5. Marketing Program (for your new product)
STP: How is the market for this product segmented? What is the target market for your product or service? Is this a target market the company is already focusing on or would this be a new target market for the company? What will be your product’s positioning?
The 4Ps: How do you plan to market your new product or service? Is your product or service something that the company will sell on its own or will it be sold in addition to one of the company’s current products or services? What will be your Marketing Mix Strategies (the 4 Ps)?
6. Works Cited Page
Please provide a works-cited page in MLA format.
The final paper should be about 6-pages doubled spaced, Times New Roman, 12pt font.